Bitcoin drops below $11.5K: 'Don't panic' analysts say

11 Jul, 2019 | Updated: 11 Jul, 2019
by Joeri Cant
Bitcoin
Bitcoin drops below $11.5K: 'Don't panic' analysts say

Another blow has come to the crypto market as Bitcoin has continued yet another pullback towards its current value of $11.4K. As Bitcoin appears to be moving into a downward trend, here’s what analysts of crypto Twitter have to say.

Bitcoin has been seeing a pretty big downside for the day, and has plunged below the $11,500 price level, showing a loss of more than 11% on the day.

The world's number one cryptocurrency fell harshly earlier today, noting a $1000 drop in the space of a few hours, further plummeting all the way to around $11,200 before regaining some balance just above the $11,400 price level.

As Bitcoin seems to be in peril, some analysts of crypto Twitter take a swing at what they believe could be next for the number one crypto coin.

Trader Mayne, a well-known crypto analyst started out by suggesting that Bitcoin might well 'dump 40% off the high', and that we could still expect to see Bitcoin sitting at around $8,000 per coin.

Crypto trader, Jesse Feinberg, AKA Darth Crypto, takes a rather harsh swing at his followers and urges them to f*cking relax, while pointing out that there is no reason to panic, as this recent BTC pullback was only 14% over two days. 

Josh Rager, another prominent crypto trader, takes this opportunity to have a look at many of the altcoins.

'Altcoins that perform well during turbulent market days, when most other coins are red, are coins that I look at potentially investing', he tweets.

The crypto trader further points to a recent tweet where he explains that BTC was going to see some sort of pullback and would be trading in a narrow range for 2 to 3 weeks, and as well urges his followers to not panic over this recent dip.

The below crypto enthusiast perhaps has the right answer to this recent drop by suggesting that this dip is yet another opportunity to stack some sats, as anything under a $100K per Bitcoin is a gift.

Where do you think Bitcoin is headed? Up, down or sideways? Let us know in the poll below.

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Read more about: Bitcoin (BTC)

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